By Paul Homewood
h/t Dennis Ambler
From Oilprice.com:
Soaring natural gas prices are giving rise to coal demand around the world, with consumption set to match this year the record-high from 2013, and further jump to a new all-time high next year, the International Energy Agency (IEA) said on Thursday.
The surge in natural gas prices following the Russian invasion of Ukraine has accelerated a gas-to-coal switch and has made coal more competitive in many markets, driving a rise in coal demand and coal prices globally, the agency said.
This year, global coal demand is expected to rise by 0.7% to 8 billion tons if China’s economy recovers as expected in the second half of 2022, according to the IEA’s July 2022 Coal Market Update. This is despite an economic slowdown and still uncertain recovery in China after the COVID-related lockdowns in the second quarter of 2022. If the…
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